A Conceptual Framework for Social Currency Innovation: A Service Design Perspective

Abstract

Early-stage entrepreneurs usually struggle to access different types of services that help to develop their businesses. In recent research, complementary currency systems have been identified as promising alternatives to the deficit of money for accessing goods and services. The purpose of this study is to explore the potential of service design innovation to create more resilient currency systems that enable the exchange of digital credits between social entrepreneurs. The theoretical investigation focuses on the relationships between complementary currency systems as resilient strategies and the sociological interpretations of value exchange. Furthermore, service design thinking and approaches are applied towards social currency innovation. The proposed Conceptual Framework for Social Currency Innovation (CFSCI) highlights the potential of service design in making services more accessible, transparent, and affordable. Service design is relevant in understanding financial transactions, as it helps to perceive exchanges between entrepreneurs as services. Service design research can contribute to a reframing of issues of unaffordable services by conceptualizing service systems that enable skilled individuals to exchange their knowledge through social currencies. These new currencies make transactions between entrepreneurs possible and the service design perspective makes them more meaningful to users.